SELLAS Life Sciences Announces $9.2 Million Private Placement Priced At-The-Market
July 31 2020 - 1:30PM
SELLAS Life Sciences Group, Inc. (Nasdaq: SLS) (“SELLAS” or the
“Company”), a late-stage clinical biopharmaceutical company focused
on the development of novel cancer immunotherapies for a broad
range of cancer indications, today announced that it has entered
into securities purchase agreements with certain institutional and
accredited investors to raise approximately $9.2 million through
the private placement of up to 2,744,078 shares of its common stock
and accompanying warrants to purchase an aggregate of 2,744,078
shares of common stock at a combined purchase price of $3.335 per
share and accompanying warrant. The warrants will be exercisable
immediately at an exercise price of $3.30 per share and will expire
five years from the effective date. The closing of the
private placement is expected to occur on August 4, 2020 and is
subject to the satisfaction of certain customary closing conditions
set forth in the securities purchase agreements.
Maxim Group LLC is acting as the sole placement agent for the
transaction.
The shares of common stock and warrants described above have not
been registered under the Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission (SEC) or an applicable
exemption from such registration requirements. The securities were
offered only to accredited investors. Pursuant to a registration
rights agreement with the investors, the Company has agreed to file
one or more registration statements with the SEC covering the
resale of the shares of common stock and the shares issuable upon
exercise of the warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About SELLAS Life Sciences Group, Inc.
SELLAS is a late-stage clinical biopharmaceutical company
focused on the development of novel cancer immunotherapeutics for a
broad range of cancer indications. SELLAS’ lead product candidate,
galinpepimut-S (GPS), is licensed from Memorial Sloan Kettering
Cancer Center and targets the WT1 protein, which is present in an
array of tumor types. GPS has potential as a monotherapy or in
combination to address a broad spectrum of hematologic malignancies
and solid tumor indications. SELLAS’ second product candidate,
nelipepimut-S (NPS), is a HER2-directed cancer immunotherapy with
potential for the treatment of patients with early stage breast
cancer with low to intermediate HER2 expression, otherwise known as
HER2 1+ or 2+, which includes triple negative breast cancer
patients, following standard of care.
For more information on SELLAS, please visit
www.sellaslifesciences.com.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts are
“forward-looking statements,” including those relating to future
events. In some cases, forward-looking statements can be identified
by terminology such as “plan,” “expect,” “anticipate,” “may,”
“might,” “will,” “should,” “project,” “believe,” “estimate,”
“predict,” “potential,” “intend,” or “continue” and other words or
terms of similar meaning. These statements include, without
limitation, statements related to the anticipated timing for
closing the private placement, the Company’s plans for further
development of and regulatory plans for GPS, including the timing
of clinical results, the potential for GPS as a drug development
candidate, plans for further development of and regulatory plans
for NPS, statements regarding the outcome of discussions with the
FDA regarding NPS and statements about the Company’s strategy and
plans for out-licensing NPS. These forward-looking statements are
based on current plans, objectives, estimates, expectations and
intentions, and inherently involve significant risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, risks and uncertainties associated
with the COVID-19 pandemic and its impact on the Company’s clinical
plans and business strategy, risks and uncertainties associated
with immune-oncology product development and clinical success
thereof, the uncertainty of regulatory approval, and other risks
and uncertainties affecting SELLAS and its development programs as
set forth under the caption “Risk Factors” in SELLAS’ Annual Report
on Form 10-K filed on March 13, 2020 and in its other SEC filings.
Other risks and uncertainties of which SELLAS is not currently
aware may also affect SELLAS’ forward-looking statements and may
cause actual results and the timing of events to differ materially
from those anticipated. The forward-looking statements herein are
made only as of the date hereof. SELLAS undertakes no obligation to
update or supplement any forward-looking statements to reflect
actual results, new information, future events, changes in its
expectations or other circumstances that exist after the date as of
which the forward-looking statements were made.
Investor ContactsAdam Holdsworth PCG Advisory
646-862-4607 adamh@pcgadvisory.com
Investor RelationsSELLAS Life Sciences Group,
Inc.917-438-4353info@sellaslife.com
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